Gold Slips From 3-Month High, Silver Weak On Global Cues

After rising for the third straight day, gold prices today eased from a three-month high by falling Rs 85 to Rs 27,050 per 10 grams at the bullion market, reflecting weak global cues amid a decline in demand from jewellers.

Silver remained under selling pressure and lost another Rs 350 to trade below the Rs 35,000-mark at Rs 34,850 per kg.

Traders said that besides a weak trend overseas, easing demand from jewellers and retailers at the existing higher levels at the domestic spot market mainly led to the fall in the precious metals prices here.

Globally, gold traded 0.13 per cent down at USD 1,113.60 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 85 each to Rs 27,050 and Rs 26,900 per 10 grams, respectively.

It had gained Rs 525 in the previous three days. Sovereign, however, remained unchanged at Rs 22,500 per piece of eight grams.

Tracking gold, silver ready dropped Rs 350 to Rs 34,850 per kg and weekly-based delivery by Rs 395 to Rs 34,725 per kg. On the other hand, silver coins continued to be traded at previous levels of Rs 51,000 for buy and Rs 52,000 for sale of 100 pieces.